According to PANews, the amount of Bitcoin stored on cryptocurrency exchanges has reached a new supply low, which could serve as a catalyst for Bitcoin to successfully retest and surpass the $60,000 mark. In an analyst report on August 29, CryptoQuant contributor Gaah emphasized that the decrease in Bitcoin reserves on exchanges this year might indicate reduced selling pressure. If demand continues to grow, this could be favorable for a bull market.
CryptoQuant data reveals that Bitcoin reserves on exchanges have decreased by approximately 12.9% since January 1, with the total Bitcoin reserves across all major cryptocurrency exchanges standing at 2.62 million BTC. Gaah reiterated that the transfer of Bitcoin to cold wallets typically signifies that investors are committed to holding the asset long-term and are optimistic about its price potential. The increase in long-term Bitcoin holders is expected to make the market more resilient and less prone to large-scale panic selling.
